So you prepaid for goods or services, and now you learn that the business you dealt with has closed. If you’re not sure about your options, keep reading for tips on how you may be able to recoup your loss.
- Try to cancel the payment. If you paid by credit card, contact your credit card provider to see if charges can be reversed. Similarly, if you paid by cheque, contact your bank to see if you can stop payment.
- Find out if the business is licensed or a member of an organization. In some instances, compensation may be available to affected consumers. For example, if a BC-licensed travel agency goes out of business and if the contracted travel services were not provided, consumers may be eligible to make a claim with the Travel Assurance Fund.
- Research other options. If the business has filed for bankruptcy you may have some other options. The website for the Office of the Superintendent of Bankruptcy Canada has a lot of great information about what to do if you are owed money and about the bankruptcy process.
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2 thoughts on “Your options as a consumer when a business closes”
I’m writing about a completely different matter but it concerns me greatly when I go to look at your web site and I get logo’s from major corporation; ie Shaw, Roger; in a pop up from the CPB. Do you side with Shaw and Rogers. Are they more special because they follow the law? Are they paying you to place those logos there? Are they paying someone else? Just the reasons the CPB should show no affiliation with any outside organization for the sake of credibility.
Hi Barb – thanks for your feedback. The logos for SHAW, Rogers and Robbins Parking appear on our Online Dispute Resolution pop-up because they are businesses who have committed to using this self-help tool to resolve disputes with their customers. We are not paid to include their brands on this pop-up, nor do we have any oversight over the telecommunications or parking industries; rather, we want customers to know they can choose Online Dispute Resolution as an option if they have an issue with one of these businesses.